Malik Bostan, head of the Exchange Companies Association of Pakistan (ECAP), has made a big announcement. He says that exchange companies will give the government $1 billion every month if Pakistan and India go to war. This shows how much the industry supports the country’s safety and security.
Bostan also responded to rumors that the government wants to shut down exchange companies. He said these rumors are false and have made the industry worried. He clarified that exchange companies are not involved in selling dollars illegally. Their main aim is to support the government and the military in controlling the value of the Pakistani rupee.
He explained that all exchange companies are working together with government authorities to keep the exchange rate stable. They are committed to stopping illegal currency trading and helping the country. Bostan said, “We will never do anything illegal. We support the government and armed forces in protecting our economy.”
Bostan gave an update on the value of the rupee. Since the crackdown on illegal currency traders, the dollar’s rate has fallen from 330 to 296 in open markets, and to 297 in the interbank market. He predicts that the dollar will become cheaper soon, possibly dropping as low as 250.
He also shared that exchange companies are regularly providing dollars to the government. Every day, they hand over around $15 million for the interbank market. In the coming days, this amount could go up to $20 million daily. By the end of this month, Bostan expects that the total amount of dollars deposited into banks will exceed $400 million.
This shows that exchange companies are playing a strong role in supporting Pakistan’s economy during these difficult times. Malik Bostan’s offer of $1 billion each month if an emergency occurs proves how committed the industry is to national stability. His statement reassures everyone that these businesses are working honestly and helping the government fight illegal currency trades.
Overall, Bostan’s bold move and clear support highlight the importance of unity and cooperation in saving Pakistan’s economy and defending the country’s sovereignty.
